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Johannesburg - FirstRand [JSE:FSR] says its headline
earnings for the year ended June 2012 are expected to increase by between 24%
and 29% from 183.1 cents per share in the comparative period.
FirstRand considers diluted normalised earnings per share
from continuing operations to most accurately represent operational performance
and this is expected to increase by between 22% and 27% from 179.4 cents in the
comparative period.
The company said on Tuesday that as a result of the unbundling of the Momentum Group‚ which was effective 30 November 2010‚ a significant non-recurring gain arose as a dividend in specie to FirstRand shareholders at fair value in terms of IFRIC 17: Distributions of Non-Cash Assets to Owners.
This once-off gain was disclosed in the group's income
statement for the 12 months to June 2011. As this gain does not arise from the
performance of the group's continuing operations‚ it does not recur in the income
statement for the year ended June 2012.
Consequently if this item is excluded‚ earnings per share
for the year ended June 2012 will not differ by more than 20% from the previous
comparative period‚ it said.
FirstRand's results will be released on or about Tuesday 11th September 2012.
